Steve – Page 31

Keeping Down the Costs of Moving House

September 17, 2014 by Steve

Moving house is notoriously expensive. For some, it can seem like a never-ending sum of money is required in order to move house. Of course, moving house is a costly endeavour. But, there are some fantastic ways that you can move house and save money in the process. After all, being savvy with your cash is imperative.

Estate Agent Fees

Whether you like it or not, you are going to need to utilise the services of your local estate agent. You are going to need them to negotiate on your behalf. What is more, you need them to find your property. Many people think that they can undergo the process of moving home without an estate agent. For some, this is a successful endeavour. For others, it ends up costing them a lot more than the estate agent would have charged. If you have little knowledge on the property market, you should not attempt to omit the estate agents knowledge.

While you may think that the business of buying and selling houses is easy, it is not. After all, your property is an investment. You wouldn’t treat the stock market in the same way, so don’t do this with your property. Property consultants in Newton Abbot have stated that many believe that they can undergo this process alone.

This is not the case. You can utilise the services of your estate agent, but you can negotiate fees. What is more, you can shop around for a great deal. You can also advertise your property online. In some cases, this is free. Do not ignore good advice. But, be savvy in your approach and use your negotiation skills.

Mortgage Fees

Mortgage fees can be expensive. Again, the key to cutting costs is to negotiate the best deal with your bank or mortgage provider. What is more, you don’t have to obtain a mortgage via the bank. There is a plethora of independent mortgage providers that charge good rates of interest. A simple comparative search online will help you find the best deals.

Request that you see the rates of interest that are charged on your mortgage arrangement account. These can range from zero to the region of £3,000. You need to think carefully about what you are being charged for and why. But, bear in mind that the lower fee may result in higher interest. Think about the long-term savings as well as the short-term costs.

Surveys and Reports

Surveys have to be completed before the sale of the property. Due to the nature of surveys, you will need to have this task completed prior to the purchase or sale of the property. Mortgage providers may request a survey to ensure that the asking price is fair. You can find the services of surveyors within the area. The Royal Institute of Chartered Surveyors will help you find registered surveyors in your area. After all, you want a quality service. But, you also want a cost-effective service. What is more, you may be able to combine these reports with your mortgage valuation. Ask your mortgage provider if this is a free, additional service that they provide.

This image has been sourced from Flickr

Being smart on funeral costs

September 11, 2014 by Steve

What is the one thing that we all have in common yet the majority of us still bury (no pun intended) our heads in the sand and do nothing about?

The thing that causes many families to turn to credit cards as the only way to meet the costs?

The thing that could be so much easier if we just thought about it in advance?

Yes you’ve got it – we are all going to die.

We go through our lives insuring our families against all types of risk however when it comes to funeral insurance, many of us don’t even give it a second thought. Well perhaps it’s about time that changed.

Dying is an expensive business

The average cost of a funeral has increased by around 7% every year for the last decade and is now more than 3,400. If this pattern continues, prices could easily exceed 6,000 in just 10 years time which understandably will cause financial hardship for many families.

Thinking about these costs in advance and putting some form of funeral insurance in place (like the ones on this site, for instance) could relieve your family of that pressure, not to mention saving them the additional stress of having to make all the arrangements when the time comes.

What is funeral insurance?

When people talk about funeral insurance or a way to pay for funeral costs, they are usually either referring to a Prepaid Funeral Plan or Over 50s Life Insurance.

A prepaid funeral plan gives you the opportunity to pay for funeral costs in advance at today’s prices, which could be quite a saving considering the way prices are consistently rising.

An over 50s life insurance plan pays out a cash sum when you die that can be used to help towards the cost of a funeral, so may be an option if you prefer to leave some money to your family.

Which is the right form of funeral insurance for you?

This really depends on your needs and your budget.

If you want to plan everything yourself, then a funeral plan may be the most suitable option. You should expect to pay between 3,000 and 4,000 for a plan that guarantees to cover the Funeral Director’s costs, includes an allowance for third party costs (disbursements – which includes Ministers, Doctors, and cremation or burial fees) and gives you the option to have a limousine for family members.

If you prefer to spread the cost, you can decide between instalments over 1, 3 and 5 years, with monthly payments from 50 to over 300 depending on the term and the level of service you choose.

Alternatively some funeral plan providers now offer fixed monthly instalments with lower monthly premiums starting from around 23 that are dependent on your age and are payable either until you die or until your 90^th birthday.

With the instalment option, you are covered for your services once you have completed your payments. With the fixed monthly payment option you are covered after an initial period of between 6 months and 2 years, depending on the provider.

Over 50s life insurance starts from around 7 a month with premiums again payable either for life or until you are 90. As long as you are between the ages of 50 and 80 and live in the UK you are guaranteed to be accepted regardless of the state of your health and you will be covered for the full cash sum after an initial period of either 1 or 2 years.

As the cash sum is fixed, inflation will reduce its value so take this into consideration if you are looking for it to help pay funeral costs and also there is a chance that you could pay more in than the cash sum paid out; it just depends on how long you live.

How to start planning

If you are thinking about funeral prepayment options, it is worth looking online as there are a number of websites such as Over50choices who offer comparisons on prepaid funeral plans and over 50s life insurance. That way you can choose the best plan that suits your circumstance and pay the right price.

This article was written for Saving Sally by Ashley Shepherd; Managing Director of Over50choices, a personal finance and comparison website for the Over 50s, authorised and regulated by the Financial Conduct Authority.

How Offset Mortgages Can Save You a Fortune

August 5, 2014 by Steve

What is an offset mortgage, I hear you cry. How can it save me money? I hear you deplore. Well, if you want some great advice on how to save a packet on your mortgage you are in the right place. Let’s give you the skinny on offset mortgages.

What is an Offset Mortgage?

Offset mortgages have been something of an innovation. With saving rates and interest rates at an all time low, they are proving to be popular with many Brits. Why? Offset mortgages can save homeowners a tidy sum on their interest rates. In short, it is a tax efficient way of boosting your savings. What is more, you can become debt free quicker. This is great news for people all over the UK. Of course, this is not going to benefit everyone, but for many, this is fantastic news.

Hooray for Low Interest Rates!

As you may well be aware, interest rates are at an all time low. This is great news for homeowners and prospective homeowners alike. Banks are now inclined to pass on these savings to their customers. This means that you are likely to get a great mortgage at a low price. This is positive news for all. The burgeoning economy means that your mortgage is now more affordable. What is more, for people with offset mortgages, you are likely to see an impact on your interest rates. To make a saving you need to beat the interest rates. With an offset mortgage, you are more likely to do this in the main. This means that you are saving, as opposed to losing money. Great news all round!

Image is courtesy of 401(K) via Flickr

Jargon Busting: How Offset Mortgages Can Help You

An offset mortgage means that you link your money to your savings, not your mortgage. In layman’s terms: instead of earning interest, your money is ‘offset’ against your mortgage. Estate agents in Waltham Cross have stated that the best way for savers to make money on their mortgage is to take out an offset mortgage.

Yes. This is confusing. Bear with me.

So, during your mortgage term, the loan gains interest, by offsetting the interest you actually pay less. The rates of interest on your debt are lessened. This means that you are clearing your mortgage quickly. Rates of interest mean that your mortgage can be higher. As you are paying more of your mortgage each month, as opposed to paying for the interest you are paying for the capital within your home. Therefore, you are mortgage free in a much quicker time.

Where Can I Get an Offset Mortgage?

Any of the high street lenders will allow you have an offset mortgage. But, this only works in the interest of people who have a substantial amount of savings. If your mortgage is £200,000, but you have £50,000 in savings, you only pay interest on £150,000. Your savings are linked to the interest rates. If you don’t have a large amount of cash in the bank, this will not work for you.

Top 5 German Binary options Brokers

July 21, 2014 by Steve

Binary options are catching the attention of individuals worldwide, as they let you take advantage of fluctuating trading prices. Plus, they implement a simple, all-or-nothing paradigm that many investors swear by. If you’re new to the game, your first priority should be to familiarize yourself with the terrain as thoroughly as possible. Toward that end, first learn the differences between different broker services. Here we’ve assembled the Top 5 German binary options brokers.

Banc de Swiss

You may be surprised to learn that Banc de Swiss isn’t Swiss at all, but German. In fact, it’s one of two binary options brokers actually to be based in Germany, alongside Bloombex Options, an unregulated alternative. If you wish to review Top 5 binary options broker here , again you’ll find Banc de Swiss at the top of the list. A CySEC (Cyprus Securities and Exchange Commission) regulated broker, Banc de Swiss’ high profile has drawn a great deal of attention, though mostly praise, and has generated regular questions on forums of Banc de swiss broker serious or scam? To find out first-hand, it is possible to start a BDSwiss Demo Account. The threshold to open an account is relatively low, with just a 100 USD minimum.

24Option

24Option is appealing to many for its registration under Germany’s own Federal Financial Supervisory Authority, BaFin (or the Bundesanstalt für Finanzdienstleistungsaufsicht). 24Option frequently makes “top binary broker” lists. 24Option is CySEC regulated. Like Banc de Swiss, 24Option lets new users try out their services with demo accounts. The 89 percent maximum profit percentage is among the highest you’ll find anywhere. On the other hand, 24Option requires 250 EUR to open an account.

Capital Option

Another firm making the “Top 5 German Binary options Brokers” lists is Capital Option. In fact, BaFin, the German regulatory body, has designated Capital Option, together with 24Option and TopOption, as the three top brokers among investors. Capital Option is also CySEC regulated, a reassurance to many.

TopOption

A relatively new firm, TopOption is rapidly winning fans for its CySEC regulation and the fact that it is operated by the regulated and well-established Cyprus-based investment firm, Safecaps Investments Ltd. In addition, the firm requires 100 USD to open an account, far less than many competitors.

OptionFair

Wrapping up our list of Top 5 German Binary options Brokers, OptionFair was one of the first brokers to get in on the binary options trading boom. It has made a solid reputation for itself, offering both brokerage services and its own original trading platform, which is used by at least five other brokers. Under CySEC regulation, OptionFair is lauded by many investors for reliability.

Family Money Investment and Saving Tips

June 19, 2014 by Steve

We could all do with implementing ways and means on how to save money into our daily lives; allowing us to have that little bit of extra money to pay off outstanding debt, save or invest at the end of each month. Having money to put in to a savings account is not always easy, so here are a number of tips on how you can cut your household expenses and start thinking about investing in your family’s future.

Organising Your Family’s Financial Life

Creating a system for tracking and paying bills will help you avoid accidentally paying late. Credit card companies especially can have really high penalties for missing a payment, but staying organised can solve this problem.

Having family members track their daily expenses in notebooks is another way to stay organised and save money. Studies have shown that tracking where your money is going is crucial to changing spending behaviour. So if you are trying to cut expenses, having everyone keep a log is a great first step to take.

Cutting Food Costs

In the past cutting and storing coupons was a pain, but many coupons are now available online. Pay attention to weekly savings at your particular store as well as coupons for national brands, but don’t use coupons as an excuse to purchase something you wouldn’t ordinarily use or need.

Buying in bulk can save you money if you have a larger family and/or have plenty of room to store larger purchases. Bulk purchases can have an added environmental benefit too because the products typically have less packaging.

Starting a garden is another way to cut food costs, and can become a fun family project. If you don’t have a yard, you could consider renting a community garden plot or joining a CSA (community supported agriculture) group. CSA’s typically provide weekly or biweekly lots of in-season produce in return for a subscription fee.

Saving Money on Clothing

It is possible to save a ton of money on children’s clothing through hand-me downs from other siblings, friends and neighbours. For adults who need to look professional, consignment shops provide higher quality clothing at a fraction of what a new wardrobe would cost. Additional options include shopping in the sales and visiting outlet shops. Also, avoiding brand name items of clothing and footwear can net substantial savings.

Alternative Methods of Saving

When money is tight, it can be difficult to build up your family’s savings as the bills need to be paid and the kids need to be looked after financially. Having said this, saving even small amounts of money wherever possible can lead to a healthily growing figure in your savings account. Using alternative methods of saving, such as the soon to be launched Zopa’s Peer to Peer ISA’s could prove to be extremely beneficial as they may provide high interest rates and solid returns, and every little helps when trying to build a savings fund for your family’s future. An ISA is an Individual Savings account and it is free of tax on the interest you earn. This means you could get a better return on your savings than in a traditional bank, but the rate will vary so keep your eye on things at least once a year. Remember this is for the long term so even a small amount saved monthly will grow into a big difference.

While it may not seem like each of these tips will save you and your family a lot of money, small changes can add up quickly, especially if every member of the family is fully involved. Consistently saving and investing even relatively small amounts for your family’s future can really pay off big over time.

What is an Offset Mortgage?

Hooray for Low Interest Rates!

Jargon Busting: How Offset Mortgages Can Help You

Yes. This is confusing. Bear with me.

Where Can I Get an Offset Mortgage?

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